Honda Overtakes Hero As India’s Largest Two-Wheeler Maker In September

Honda Motorcycle and Scooter India Pvt. Ltd. has overtaken Hero MotoCorp Ltd. in terms of retail sales to emerge as the largest two-wheeler maker in the country, ahead of the crucial festive season.

The Indian unit of the world's largest two-wheeler maker sold 62,537 more motorcycles and scooters than its former joint venture partner in September, cornering about 27.73% of the market, according to data released by the Federation of Automobile Dealers Associations on Monday, 7 October 2024. Hero MotoCorp had a 22.54% market share.

Both the companies reported declines in overall monthly volumes.

Retail sales of HMSI fell 4.53% year-on-year to 3,33,927 units in September. Retail sales of Hero MotoCorp slumped 22.95% year-on-year to 2,71,390 units. TVS Motor Co. (2,21,257 units), Bajaj Auto Ltd. (1,41,668 units) and Suzuki Motorcycle India Pvt. Ltd. (74,287 units) rounded up the top-five, accounting for 86.57% of the world's two-wheeler market.

Full disclosure: These are retail sales—or vehicle registrations as recorded on the VAHAN website. Hero MotoCorp is still ahead of HMSI in terms of wholesales—dispatches from the factory to the showroom floor.

Total wholesales of the Splendor maker rose 18.75% year-on-year to 6,37,050 units in September 2024, as against 5,36,499 units in the year-ago period, according to an exchange filing on 1 October 2024. The Activa maker clocked wholesales of 5,83,633 units—a growth of 11% over the previous year.

For the full year too, Hero MotoCorp is ahead—in terms of dispatches as well as registrations.

In the first six months of Fiscal 2025, Hero MotoCorp has clocked retail sales of 23,86,991 units, as against 21,97,559 units of HMSI—a gap of 1,89,432 units, according to data sourced from FADA. Hero MotoCorp leads on the wholesale basis as well—29,61,010 units against HMSI's 29,28,661 units, according to data sourced from the Society of Indian Automobile Manufacturers and company statements.